5 Bed 3 Bath Multi-family For Sale $2,600,000 3,040 sqft ($855 per sqft)
Broker: Louis Belisario Compass
118 Madison Street is currently a legal two-family brownstone positioned perfectly on the boarder of Clinton Hill and Bed-Stuy. The current owners hav
...read more118 Madison Street is currently a legal two-family brownstone positioned perfectly on the boarder of Clinton Hill and Bed-Stuy. The current owners have plans approved for the construction of a four-unit high end ultra-luxury condominium project. The building you see in the rendering is the finished product and is comprised of a massive penthouse triplex, two huge duplexes and a walk in two-bedroom garden apartment. The total build is 6,000 square feet and the projected sell out is over $7,000,000. This building is being sold as is with all plans and filings that have been done already. The owners are also open to a Joint Venture, recent comparable sales for condos in the neighborhood are upwards of $1,200 a square foot. This could also be developed and held to collect rent for as long as you see fit, we believe a finished product could pull in over $20,000 a month in rent. Buy it now, develop and hold it and if you so choose later on convert it to condos and sell them. This is a great opportunity for the right developer and will pay dividends as time goes on. This is an excellent location on the boarder of two of Brooklyn's most popular neighborhoods.
